BPN

🔮

Salem

28 min to Boston
"Witch trials, waterfront, and way more character than Lynn"
Median Price
$592,475
$410/sqft
School Rating
6.2/10
Good
Appreciation
5.1%
per year
Commute
28 min
to downtown

Financing Considerations

Properties in Salem typically typically qualify for conforming loans with more flexible underwriting standards.

Learn about loan thresholds, property condition impact, flood/wind insurance, and how vintage homes (common in many MA towns) affect mortgage approval.

✨The Vibe

Historic maritime city with quirky witch tourism, artist community, and authentic waterfront charm

What It's Really Like

More than just witch history—Salem has a thriving arts scene, beautiful waterfront, and authentic New England maritime character. It's quirky, affordable, and full of personality.

Best For

  • ✓History buffs and creative types
  • ✓First-time buyers wanting character over perfection
  • ✓Artists and alternative lifestyle seekers
  • ✓Those who embrace quirky over conventional

Avoid If

  • ✗You hate tourist season (October is insane)
  • ✗You need top schools now
  • ✗You want cookie-cutter suburban predictability

🌟Highlights

🔮Witch trial history and October tourism boom
⛵Beautiful working waterfront and maritime heritage
🎨Thriving arts and creative community
🚂Commuter rail to North Station in 30-35 minutes

Insider Tips

  • 💡Avoid buying near tourist areas unless you love crowds
  • 💡The Witch Museum is fun once, then you're over it
  • 💡McIntire Historic District has gorgeous Federal-era homes

Demographics

Population
43,442
Median Age
38.3
Median Income
$106,793

Economic Profile

Remote Work
15.5%
work from home
Professional Workers
47.5%
knowledge economy
Broadband Access
90.0%
digital infrastructure
Median Commute
31 min
to work
Rental Cost Burden
52.4%
pay >30% on rent
Homeownership
50.7%
owner-occupied
Poverty Rate
13.7%
below poverty line
Unemployment
5.0%
of labor force
Median Home Value
$464K
Census estimate
Data source: Census ACS 2022 5-year

Religious Community

Places of Worship
13
Churches
13
Historical Context: Oldest establishment dates to 1629• 4 established before 1900
Data Source: MassGIS 2025 (Updated 2025-02-03)

Housing Stock Age

Median Year Built
1935
90 years old
Pre-1940 Construction
4.8%
Lower risk
Post-2000 Construction
17.2%
Modern housing stock
Est. Annual Insurance
$3,500
Based on housing age

High Insurance Risk

Salem has a high concentration of pre-1940 homes (4.8%). Insurance premiums may be significantly higher ($2,800-$4,000+/year) and some carriers may decline coverage. Budget for potential remediation costs (knob-and-tube wiring, asbestos, lead paint).

Insurance Cost Calculator

Estimate your annual homeowners insurance premium

$296,238$592,475$1,184,950

Leave blank to use town median (1935)

Annual Premium
$3,500
$292/month
vs. State Average
+74%
MA avg: $2,008/year
Risk Category
VERY HIGH
Based on home age

30-Year Mortgage Impact

$105,000

Total insurance cost over 30-year mortgage (equivalent to 0.6% of home value)

Age Penalty

This home costs $1,889 more per year to insure than a newly built home. Over 30 years, that's $56,670 in additional insurance costs.

Ways to Lower Your Premium

  • Bundle home + auto insurance with same carrier (10-25% discount)
  • Increase deductible from $500 to $2,500 (save 15-30%)
  • Install monitored security system (5-20% discount)
  • Update electrical panel and remove knob-and-tube wiring
  • Replace roof with impact-resistant materials (save 5-15%)
  • Upgrade plumbing to PEX or copper
  • Complete full home inspection and address major issues
  • Consider MAPFRE or Chubb for historic home coverage
  • Shop quotes from 5-6 carriers (rates vary significantly)
  • Ask about claims-free discount (5-year history)

* Estimates based on Massachusetts state averages and typical underwriting criteria. Actual premiums vary by carrier, coverage limits, deductible, claims history, and credit score. For accurate quotes, contact a licensed insurance agent.

Construction Era Distribution

2020+
160 units
2010-2019
6.2%
1,200 units
2000-2009
10.3%
2,000 units
1990-1999
12.1%
2,350 units
1980-1989
13.6%
2,650 units
1970-1979
15.6%
3,050 units
1960-1969
16.4%
3,200 units
1950-1959
14.6%
2,850 units
1940-1949
10.8%
2,100 units
Pre-1940
940 units
Loading transit information...

Resources & Research

School Information

Boston Area School Rankings →

Compare 48 high schools by SAT scores, MCAS proficiency & college enrollment

Market Analysis

Rent vs Buy Analysis 2025 →

Break-even math, SALT cap impacts & decision framework for Boston buyers

Insurance & Risk

MA Insurance Crisis Guide →

Why coastal & historic homes face coverage denials (+ FAIR Plan rules)

Home Buying Terms

Real Estate Glossary →

200+ terms explained: ARM, DTI, PMI, escrow, cap rate & more

View All Market Guides & Analysis →

Similar Neighborhoods

🌊

Watertown

$805,000

"Armenian food paradise that's secretly convenient to everything"

🍝

Medford

$823,500

"Italian grandmas and Tufts students living in harmony"

💼

Back Bay

$800,000

"Polished, upscale, classic Boston"

Ready to Find Your Perfect Property in Salem?

Get instant property analysis and neighborhood comparisons

Discover Your Perfect Boston Town

Popular Neighborhoods

Bedford•Lexington•Newton•Brookline•Winchester•Wellesley•Needham•Arlington•Cambridge•Dover•Weston•Westwood
Investment Analysis
School Research
Risk Assessment
Market Intelligence
Terms|Privacy|Disclaimers|Town Vibes|Contact

© 2025 Boston Property Navigator. All rights reserved.

For informational purposes only. Not professional real estate, financial, or legal advice.